Yulong Received Four New Assignments to Recycle Construction Waste in Zhengdong New District

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PR Newswire

PINGDINGSHAN, China, June 1, 2016

PINGDINGSHAN, China, June 1, 2016 /PRNewswire/ -- Yulong Eco-Materials Limited (NasdaqCM: YECO), an eco-friendly building products and construction waste management company, today announced that it received four new assignments to recycle construction waste in four villages in Zhengdong New District of Zhengzhou City, the provincial capital of Henan Province.

As the original agreement signed with the district's Municipal Construction Office in 2015 intends, Yulong is to provide construction waste recycling service for all the District's 28 administrative villages.

Yulong expects to recycle approximately 1.55 million cubic meters of construction waste with the new assignments, and generate approximately $3 million in revenue, in 6 months. To service the assignments, the Company is utilizing 3 mobile recycling stations, each with designed annual processing capacity of two million metric tons.

Once recycled, the Company estimates to generate approximately $3 million of additional revenue from the sale of the recycled aggregates to local construction companies. Of note, the recently published new technical code by the provincial authority, which standardizes the use of recycled construction waste for roadbed construction, gives Yulong a great opportunity to sell its recycled aggregates as roadbed materials for highways, expressways and other high quality road paving projects in Henan.

The district's Municipal Construction Office expects all its 28 villages to generate more than 15 million cubic meters of construction waste. If all 28 villages are assigned to and serviced by Yulong, this project can potentially generate over $35 million in revenue from waste recycling, plus additional revenue from the sale of the recycled aggregate. Thus far, the Company has recycled approximately 1.1 million metric tons of construction waste from three villages where the recycling services have been completed.

Yulong Zhu, the Company's CEO noted, "When we signed the agreement with the district's Municipal Construction Office in 2015, our goal was to receive assignments to provide recycling services to six of the district's villages before the end of fiscal 2016. We have now obtained assignments to recycle construction waste from seven villages, one more than our original plan, and we have already completed our recycling work in three of these villages. We will continue to offer local government very cost effective and environmental friendly solutions to manage and reduce construction waste that is taking up land resources, polluting underground water and affecting quality of life."

About Yulong Eco-Materials

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Yulong is a vertically integrated manufacturer of eco-friendly building products and a construction waste management company located in the city of Pingdingshan in Henan Province, China. The Company is currently Pingdingshan's leading producer of fly-ash bricks and concrete as well as the exclusive provider of construction waste management services for the cities of Pingdingshan and Shangqiu.

Forward-Looking Statements

This press release contains forward-looking statements, particularly as related to, among other things, the business plans of the Company, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. The words or phrases "plans," "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think," "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of local, regional, and global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.

Contact:
Investor Relations Counsel:
The Equity Group Inc.
Lena Cati
Vice President
212-836-9611 / lcati@equityny.com
www.theequitygroup.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/yulong-received-four-new-assignments-to-recycle-construction-waste-in-zhengdong-new-district-300277129.html

SOURCE Yulong Eco-Materials Limited

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